The value of diversity: What Finnish boards are getting right and what they’re still learning
By Nordic Listed Leaders, in collaboration with HHJ
More and more Nordic companies are talking about board diversity. But what does it actually mean in practice and why is now the time to act?
The Great Finnish Board Survey 2024 - 2025 by Certified Board Member (HHJ) training program and Talentree brings both clarity and concrete data to the discussion. Combined with international research, the message is clear: a diverse, skilled board of directors is no longer just a noble goal, it's a strategic edge.
Finnish boards value competence but lag in age and cultural diversity
According to the study, Finnish board members rated competence diversity as the most successful area: 71% expressed satisfaction, giving it a score of 4 or 5 on a 1–5 scale. In contrast, age diversity (49%) and cultural diversity (21%) received much lower satisfaction ratings.
As these are self-assessments, they reflect how boards perceive their own diversity, not necessarily how others would view it. Still, the gap highlights an opportunity: generational and cultural diversity are not yet considered strengths in Finnish boardrooms, but they clearly hold potential.
This gap shows there’s room to grow. Generational and cultural diversity aren’t yet strengths in Finnish boardrooms, but they could be.
Chart 1: Dimensions of Board Diversity in Finland
Diversity builds trust, communication & performance
Many board members know the benefits intuitively. This new data confirms it: inclusive boards report stronger atmospheres, better communication, and more collaborative dynamics. These “soft” factors drive hard results.
Chart 2: Satisfaction with Board Dynamics vs. Perceived Diversity
Research from Columbia Law School, Frontiers in Psychology, and Virtus Interpress supports the case: cognitive diversity differences in background, age, and expertise leads to better decision-making, innovation, and resilience under pressure.
In competitive sectors, diverse boards drive growth
In the U.S., a study of S&P 1500 companies found that boards with greater cultural diversity were significantly more likely to fuel revenue growth and profitability, particularly in competitive and strategically demanding industries.
But diversity isn’t just a checkbox. It works best when supported by shared goals, constructive dialogue and a commitment to learning and continuous development.
Good governance is learned, not assumed
The findings also reinforce a growing understanding: effective board governance is a skillset, not just a result of experience.
Boards that meet their growth targets consistently display: a wide range of expertise, clear division of roles, high-functioning communication and commitment to continuous learning.
Structured board education plays a central role in enabling this. The Certified Board Member (HHJ) program is Finland’s most widely recognized training for board professionals. It equips both current and aspiring directors with the governance frameworks, strategic tools, and peer networks needed to navigate complex boardroom challenges with confidence.
Whether you're already serving on a board or preparing for your first seat, the HHJ course provides a foundation in corporate governance, risk management, strategy, and Nordic board best practices. You can explore the English-language Certified Board Member Course CBM Course in English – Finland Chamber of Commerce
Conclusion: Diversity is not a goal. It’s a strategic tool
This new research confirms what high-performing companies already know: a diverse board isn't just about fairness. It’s about better decisions, deeper trust, and sustainable leadership.
“When it comes to diversity, cultural representation remains the weakest link in Finnish boards. But rather than a risk, this should be seen as a powerful opportunity for growth.” — Minni Rimpioja, Director of Business Development, HHJ
Boards that succeed in the future will be those that combine deep competence with openness to change and the courage to lead through difference.
If you’re ready to strengthen your board capabilities, the HHJ board education pathway offers a complete structure for development, whether you’re just getting started or looking to elevate your governance impact.
The HHJ course track in Finnish begins with HHJ Johdanto hallitustyöhön, an introductory program covering board duties in SMEs and the public sector. It continues with HHJ-kurssi, a practical and case-based training on board composition, strategy, risk, and responsibilities. HHJ-puheenjohtajakurssi then focuses on leading the board effectively, with emphasis on group dynamics and the role of the chair.
Participants can validate their learning through the HHJ-tutkinto, a national certification exam that grants the respected "HHJ" title. For experienced directors, HHJ Pro offers an advanced program featuring in-depth workshops, a thesis, and peer learning—addressing challenges from crisis leadership to sustainable strategy.
Learn more and begin your board development journey: https://www.hhj.fi
